Ankit Agarwal

Total potential ESOP wealth in India stands at INR 14.2 lakh crore! That’s 22% of India’s mutual fund industry AUM — and more than twice the PMS industry’s AUM. Let that sink in. But the biggest ESOP wealth creators are not who we usually think. Nifty 100 companies generate more ESOP wealth than the entire startup ecosystem. HDFC Bank alone created INR 5,282 crore of ESOP liquidity in 2024 — twice as much as India’s entire startup ecosystem did that year. It’s clear that ESOPs are massive wealth-creation engines hiding in plain sight. Yet our quiz last week revealed some surprising facts: Over 65% of ESOP holders with more than ₹1 crore in ESOPs are unaware of vesting calculations, the impact of dilution, or whether their employer’s ESOP policy is favourable. When Revant, Shantanu, and Chirag invited me on the Asymmetric Podcast, I stumbled upon research that made me question many of my own beliefs about this underrated wealth-creation tool. We break down India’s ESOP story in under 75 minutes, covering: - Salary vs Salary + ESOP - Ranking different ESOP policies - Cases where ESOP wealth was lost - The Flipkart Mafia - Life-changing ESOP stories of non-founders - How founders should allocate ESOPs - And a big surprise at the end I promise this will be worth your time — even if you have just 1 unit of equity in your company. Link to the full episode in comments! #ESOPs #WealthManagement #Dezerv #AsymmetricPodcast

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Which ratios to look at while picking a mutual fund? 1) Sharp/Sortino/Treynor for risk adjusted return 2) Alpha/Information Ratio for fund manager skill 3) Expense Ratio/Turnover for portfolio efficiency Story by Dnyanesh Mugurdekar https://lnkd.in/gnGzFhiD

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Accredited investors (AIs) is the way to go for HNIs. - AIs only AIF - Co-Investments simplified for AIs - More flexibility to invest smaller amounts in AIF, PMS and soon to be launched SIFs - Better advisory solutions for AIs SEBI comes out with fresh set of notifications to make Accredited Investors stand above other investors. Sanket Dhanorkar

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Healthcare in India has quietly shifted. What was once a mission-led sector is now a PE-owned asset class. Most of the country’s leading hospitals are no longer promoter-led. They are backed by Private Equity funds chasing scale and returns. Temasek → Manipal Hospitals (MHEPL) Blackstone → CARE Hospitals, Quality CARE India Limited CVC / KKR → HealthCare Global General Atlantic → Ujala Cygnus Hospital KKR → Baby Memorial Hospitals This shift has undeniable positives: capital inflows, modern infrastructure, global best practices. But it also hardwires ROI targets into an industry built on empathy. And the trade-offs are visible: - Profitable procedures prioritized over basic care - Luxury patient experiences over affordability - Operational efficiency over emotional connect The sector needs growth capital - no doubt. But when healthcare becomes just another asset class, we risk eroding its very core: quality and accessibility for all. The question: Can we let healthcare become just another profit-driven asset class… without eroding its core - quality and accessibility for all? #india #healthcare #privateequity #growth #funding #asset

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Tier 2 & 3 Cities: India’s New Investment Hubs A quiet revolution is underway in India’s Tier 2 and Tier 3 cities. Post-demonetization, promoters and families in places like Kanpur, Lucknow, Guwahati, Ranchi, Indore, Nagpur , Kochi, Coimbatore, and Bhopal are moving away from traditional assets like gold and real estate towards liquid financial portfolios. What’s driving this shift? 1. A next-gen, globally educated, financially aware 2. Improved local business sentiment under supportive government policies (RERA, PLI) 3. India’s emergence as a manufacturing alternative post-COVID 4. Monetisation of businesses and real estate with stake sale, etc Where earlier wealth would flow out to metros, today these cities are becoming investment centres themselves, creating exciting opportunities for wealth firms expanding their reach.

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A multi-asset strategy involves holding a diversified set of assets that can behave differently across market conditions. This built-in diversification is likely to help the fund remain resilient across market cycles. DSP Mutual Fund

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Fintech Infra | Founder Insights Series 4: GTM and Pricing 1) Buyers (e.g., banks, NBFCs, insurers) increasingly prefer outcome-linked / business-based pricing and end-to-end STP stacks that reduce opaqueness, transaction leakages, and reconciliation challenges - similar to how RTAs like CAMS and KFin price AMCs on AUM. 2) AI pricing is inherently more complex than API pricing - it delivers real value only when packaged with an STP stack that ensures seamless processing. Figuring out unit cost is very critical to explain value. 3) Big opportunity lies in AI-powered explainability and observability - tracking API utilisation for both buyers and providers, preventing leakages like duplicate charges, and building trust in pricing. 4) Products must be designed with contextual clarity - enabling multiple pricing strategies (platform fees + transaction-based models) to address the needs of diverse buyer segments. Vishal Gupta Munish Mittal Vatsalya Tandon Bessemer Venture Partners

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